MiCA Poland: New Updates for CASPs and Existing VASPs

January 2025 brings significant updates for businesses operating under the Markets in Crypto-Assets Regulation (MiCA) in Poland. The draft Cryptoasset Act outlines a roadmap for existing Virtual Asset Service Providers (VASPs) to apply for MiCA compliance, as well as requirements for new Crypto-Asset Service Providers (CASPs). However, Poland remains one of the few EU Member States yet to enact national legislation implementing MiCA solutions.

The draft Cryptoasset Act, along with a batch of ministerial regulations specifying licensing requirements and operational rules for CASPs, has not yet been released by the Polish Parliament (Sejm) in its final form and just the drafts are available. This means the act is still subject to potential amendments before its final approval. Below, we summarize the key updates, timelines, and implications for businesses as they prepare for MiCA compliance.

 

Transition Period and Licensing Timelines for MiCA Poland

The draft Cryptoasset Act outlines a clear transitioning framework for VASPs and new businesses applying for MICA, ensuring operational continuity while transitioning to MiCA compliance. However, it’s crucial to note that this regulation has not yet been passed by the Polish Parliament (Sejm). While changes are still possible, they are unlikely at this stage of the legislative process.

 

Key Timelines for VASPs:

• Transition Period: From the date the Cryptoasset Act comes into force until June 30, 2025, VASPs may continue operations under the Polish AML Act as it existed before the Cryptoasset Act’s amendments.
• Extended Operation Period: VASPs may continue providing services until September 30, 2025, under the following conditions:
  • A complete MiCA license application is submitted by May 1, 2025.
  • The Polish Financial Supervision Authority (KNF) confirms the application’s completeness.

Therefore, VASPs must act swiftly once the Cryptoasset Act is passed to ensure readiness for the May 1, 2025 application deadline.

 

Conditions for VASP Removal from the Register

The draft Cryptoasset Act specifies scenarios where VASPs may be removed from the VASP register.
These include:

• Failing twice to respond to requests sent to the address registered in the KRS or CEIDG.
• Refusing to accept a notification of the intention to initiate an inspection.
• Not collecting a package containing an inspection notification sent to the address registered in the KRS or CEIDG.
• Removal from the KRS without re-entry of the authorized representative body or its members.
• Failure to update the entity’s address in the KRS after removal.

The VASP register is scheduled to be liquidated on October 1, 2025, making compliance with these requirements critical.

 

Amendments to the Polish AML Act

The Cryptoasset Act introduces changes to the Polish AML Act to align it with MiCA requirements. Key updates include:

1. Revised Definitions:
   The definition of virtual currency activities will be updated to reflect MiCA’s definition of cryptoassets.
2. Stricter AML Measures:
   AML financial safety measures must now be implemented for cryptoasset transactions equivalent to or exceeding EUR 1,000, regardless of whether the transaction is a single operation or part of linked operations.
3. Correspondent Relationships:
   Correspondent relationships will extend to cover credit institutions, financial institutions, and cross-border cryptoasset transactions involving third-country institutions. VASPs must verify that such third-country institutions are authorized or registered to provide cryptoasset services.
4. Unhosted Address Transactions:
   VASPs must assess the money laundering and terrorist financing risks associated with transfers to or from unhosted (self-hosted) addresses. Specific actions include:
   • Risk Identification: Establish principles for identifying and assessing risks in internal procedures.
   • Enhanced Due Diligence: For high-risk transactions, VASPs must:
     • Verify the identity of the originator or beneficiary.
     • Request additional information on the origin or destination of funds.
     • Apply stricter financial security measures as outlined in Article 34(1)(4) of the Polish AML Act.

Operational Continuity and Risk Management

The draft Cryptoasset Act emphasizes the importance of operational resilience and risk management for VASPs during the MiCA transition.

1. Transaction Monitoring and Reporting:
   VASPs must ensure robust systems for detecting suspicious transactions and incomplete information. Missing or incomplete data must be flagged, and risk-based decisions should guide whether to proceed with, reject, or escalate the transaction.
2. Correspondent Relationships:
   VASPs must establish policies for managing cross-border relationships and verifying third-country institutions’ compliance credentials.
3. Procedures for Unhosted Wallets:
   • Transfers exceeding EUR 1,000 from unhosted wallets require VASPs to verify wallet ownership or control.
   • Additional information and enhanced due diligence may be required based on risk analysis.

Why Act Now?

With MiCA and the Cryptoasset Act expected to take full effect soon, the time to prepare is now. Preparing a MiCA license application is a complex legal process that can take months. Starting early ensures that all documentation, internal policies, and compliance measures are in place before the deadlines.

Key reasons to begin now:

✅ Avoid Last-Minute Delays: The application process requires extensive legal preparation, which can take months. Waiting too long may leave businesses struggling to meet the deadlines.
✅ Ensure Operational Continuity: Transitioning to MiCA compliance smoothly prevents service disruptions and regulatory risks.
✅ Strengthen Compliance Frameworks: Build robust systems for data collection, transaction monitoring, and reporting well in advance.
✅ Stay Competitive: Being MiCA-ready early enhances credibility with regulators, clients, and partners.

Don’t wait until it’s too late. Preparing your MiCA application now will save time, resources, and unnecessary stress later.

 

How Complium Can Help

Complium specializes in guiding CASPs and VASPs through complex regulatory transitions. Our tailored solutions ensure that you are fully prepared for MiCA compliance. Here’s how we support your journey:

• CASP Licensing Assistance: Comprehensive guidance on MiCA application requirements and submission.
• AML Compliance Solutions: Policies and procedures aligned with the updated Polish AML Act.
• Risk Assessment Frameworks: Tools for managing unhosted wallet risks and transaction monitoring.
• Regulatory Updates: Continuous monitoring of legislative changes and updates.

Ready to navigate MiCA compliance in Poland? Schedule a call with our team today for expert guidance.